Bitcoins fetching more than $300, the highest price ever for the virtual currency

The price of bitcoins rose above $300 for the first time ever Friday, sparking renewed media attention and fresh claims that the high price represents nothing more than a speculative bubble. Unfortunately, the debate over the currency's future has generated more heat than light, with both sides making arguments that don't stand up to scrutiny. To help cut through the clutter, here's a comprehensive guide to the debate over Bitcoin's future. Is there a Bitcoin bubble? No one knows. The value of Bitcoins has soared by a factor of 1,000 since the beginning of 2011. Today, the value of all outstanding bitcoins is now around $4 billion. So far, the volume of Bitcoin-based commerce isn't close to being large enough to justify that high valuation. But people who are buying bitcoins today aren't doing so based on today's Bitcoin-based commerce. They're making a bet that the demand...